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How long will the scholarship be paid for once max enters

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Problem 1: When Nancy died, she left $20,000 for her 13 year old grandson, Max, to be paid to him as an annual scholarship of $8000 at the end of each year, if he ends up in university. The inheritance was invested in a scholarship fund for 5 years (until he turns 18 years old) at 9% compounded annually. How long will the scholarship be paid for, once Max enters university?

Reference no: EM132741743

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